Comex gold futures now trading around $1,323.6 per ounce and has maintained a $1,300 to $1,350 per ounce range. For the year ahead, Milling-Stanley projected that gold prices could continue to strengthen and hover around the $1,350 to $1,400 price range in 2018.

Supporting gold prices on the demand side, Milling-Stanley argued that increased uncertainty and risks could contribute to heightened safety bets.

For instance, investors are somewhat apprehensive about President Donald Trump, wondering what he will do next. Meanwhile, geopolitical risks have fueled greater conservative bets, including North Korea saber rattling, the ongoing threat of the Islamic State, Russia’s territorial ambitions and unrest in Iran. Additionally, there is increased risks of a pullback in an extended bull market environment where valuations look stretched.

“All of these generate a good deal of safe haven investments,” Milling-Stanley added.

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